GRAINS: December corn futures closed down 2 cents at $3.54 today. Prices closed nearer the session low today after hitting a seven-week high early on. The corn bulls have made good headway recently to suggest a “harvest low” is in place. Prices are in a three-week-old uptrend on the daily bar chart. However, the corn bulls still have work to do to suggest the fledgling uptrend can be sustained. The next downside price objective for the bears is to push and close prices below solid technical support at this week’s low of $3.42. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at $3.70. First resistance for December corn is at today’s high of $3.61 and then at $3.65. First support is seen at $3.50 and then at Tuesday’s low of $3.47. Wyckoff’s Market Rating: 3.5

November soybeans closed down 1 1/2 cents at $9.62 3/4 a bushel today. Prices closed nearer the session low after hitting a five-week high early on today. There are early technical clues that a “harvest low” is in place in the soybean market. A four-week-old uptrend is in place on the daily bar chart. However, the bulls have more work to do to suggest the fledgling uptrend can be sustained. The soybean bears still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above major psychological resistance $10.00 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $9.36. First resistance is seen at $9.78 1/2 and then at today’s high of $9.82 1/2. First support is seen at today’s low of $9.60 3/4 and then at $9.50. Wyckoff’s Market Rating: 3.0

December soybean meal closed down $6.80 at $336.10 today. Prices closed near the session low on profit taking after hitting a seven-week high early on today. The soybean meal bears have regained the slight near-term technical advantage as today’s price action suggests the bulls may now be exhausted. A three-week-old uptrend is still in place on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at today’s high of $353.60. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $325.30. First resistance comes in at $344.40 and then at $348.00. First support is seen at today’s low of $335.50 and then at $330.00. Wyckoff’s Market Rating: 4.5

December bean oil closed up 35 points at 32.12 cents today. Prices closed near mid-range on short covering in a bear market. The bean oil bears still have the solid overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 33.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 31.52 cents. First resistance is seen at today’s high if 32.44 cents and then at 32.75 cents. First support is seen at 32.00 cents and then at this week’s low of 31.60 cents. Wyckoff’s Market Rating: 1.5

December Chicago SRW wheat closed up 3 1/2 cents at $5.22 1/2 today. Prices closed near mid-range and hit a seven-week high today. The wheat bears have the overall near-term technical advantage. However, the bulls have gained good upside momentum recently. Prices are in a four-week-old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $5.42. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $5.00. First resistance is seen at today’s high of $5.28 3/4 and then at $5.35. First support lies at today’s low of $5.16 and then at this week’s low of $5.07 1/2. Wyckoff’s Market Rating: 3.5

December HRW wheat closed up 3 1/2 cents at $6.05 3/4 today. Prices closed near mid-range. The wheat bears have the overall near-term technical advantage. However, prices are in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.25. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $5.80. First resistance is seen at today’s high of $6.12 and then at last week’s high of $6.14 3/4. First support is seen at this week’s low of $5.94 1/2 and then at $5.90. Wyckoff’s Market Rating: 3.5

December oats closed up 3 cents at $3.54 today. Prices closed nearer the session high and closed at a five-week high close today. The bulls have the near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.38 3/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of $3.60 3/4. First support lies at $3.50 and then at $3.48. First resistance is seen at the October high of $3.56 and then at $3.57 3/4. Wyckoff’s Market Rating: 6.0